Wednesday Watch

Night Trading

• Asian equity indices are -.25% to +.50% on average.
• Asia Ex-Japan Investment Grade CDS Index 113.0 -4.0 basis points.
• Asia Pacific Sovereign CDS Index 87.0 -2.5 basis points.
• FTSE-100 futures +.19%.
• S&P 500 futures -.61%.
• NASDAQ 100 futures -.42%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (BDX)/1.40
• (WLP)/1.83
• (TWX)/.82
• (DVN)/.69
• (M)/.29
• (THC)/.36
• (QCOM)/.82
• (WFM)/.60
• (MNST)/.55
• (PRU)/1.67 

Economic Releases
10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory build of +2,000,000 barrels versus a -2,045,000 barrel decline the prior week. Distillate supplies are estimated to fall by -1,250,000 barrels versus a -93,000 barrel decline the prior week. Gasoline inventories are estimated to fall by -1,500,000 barrels versus a +935,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to fall by -1.5% versus a +.5% gain the prior week.

3:00 pm EST

• Consumer Credit for September is estimated to fall to $10.175B versus $18.123B in August.

Upcoming Splits

• (HMST) 2-for-1
  

Other Potential Market Movers

• The US election results, Eurozone retail sales data, EC report on Spanish budget, Troika report on Greece, EU forecast for Europe, EU assessment of Spanish budget, 10Y T-Note auction, weekly MBA mortgage applications report and the Wells Fargo Tech/Media/Telecom Conference could also impact trading today.

BOTTOM LINE: Asian indices are mostly higher, boosted by commodity and consumer staple shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing modestly lower. The Portfolio is 75% net long heading into the day.